Upon the acquisition by the Village of any street or streets or any part thereof, or any other property acquired for Village or public use, whether by dedication, purchase or condemnation, the Board of Trustees may, in its resolution authorizing the acquisition or accepting the dedication or, in the case of condemnation, by resolution adopted at any time during the pendency of the proceeding, provide that the land so acquired may be included with the remaining land of the owner from whom it was acquired or the successor in interest of such owner, for the purpose of computing the size of lot, building area, front yard, side yards, street frontage, minimum depth of lot and other zoning requirements under any subdivision map for the development of the land of such owner or under any application for a building permit for the construction, alteration or use of a building or other structure thereon, filed within 20 years after the date of such resolution.

In their interpretation and application, the provisions of this chapter shall be held to be minimum requirements and as not interfering with, abrogating or annulling any easements, covenants or other agreements between parties; provided, however, that where this chapter imposes a greater restriction or limitation upon the use of buildings, premises or lots, or upon the height and size of buildings, or requires larger yards or other open spaces than are imposed or required by existing provisions of law or ordinances, or by easements, covenants or agreements, the provisions of this chapter shall control.